The Oman-India Investment Forum, organized by the Oman Chamber of Commerce and Industry (OCCI), discussed investment opportunities in sectors such as energy, mining, food security, manufacturing industries, transportation, logistics, tourism, and the digital economy. The forum aimed to enhance economic cooperation and trade and investment exchange between Oman and India. Faisal bin Abdullah Al Rawas, Chairman of the Board of Directors of OCCI, emphasized the role of the private sector in implementing the partnership between the two countries. Dr. Abdullah bin Masoud Al Harithi, a member of the Board of Directors of OCCI, highlighted the focus on exchanging knowledge, discussing trade policies, and facilitating cross-border trade. The forum included presentations on Oman Vision 2040, investment opportunities in Oman, and business opportunities in India. Bilateral meetings were held to establish partnerships and exchange experiences [bcefdf4c].
India and Oman have announced the establishment of a joint investment fund worth $300 million during Sultan Haitham bin Tarik's state visit to India. This fund, the third of its kind, is a result of the success of two earlier joint funds between the two nations. The fund aims to invest in sectors such as medical care, pharmacy, chemical and industrial technologies, automobiles, information technology, commodities, defense, aerospace, mining, and the retail sector. The growth of the Indian economy is projected to reach 6.3% in 2023-2024. The joint investment fund is a 50-50 joint venture between the State Bank of India and the Oman Investment Authority. The size of commercial exchange between Oman and India stood at RO1.4bn at the end of Q3 2023, with the volume of investments from India in Oman in 2023 amounting to RO378.4mn. By the end of 2022, there were 1,744 Indian companies investing in Oman with a total investment volume of RO281mn [f4ea483b].
Indian Prime Minister Narendra Modi and Sultan Haitham Bin Tarik of Oman adopted a joint Vision document titled 'A Partnership for the Future' to strengthen bilateral cooperation. The document was adopted during Sultan Haitham Bin Tarik's state visit to India from December 15th to 17th, 2023. The visit marked the first state visit by the Sultanate of Oman to India in 25 years. Several Memorandum of Understandings (MoUs) and agreements were signed during the visit, covering areas such as culture, information technology, financial intelligence, employment, and investment. The joint vision document focuses on collaboration in areas such as maritime cooperation, energy security, space technology, digital payments, trade, health, tourism, agriculture, and innovation. The visit also discussed the possibility of Oman utilizing India's digital payment system and the exchange of views on trade in the Rupee. The two leaders appreciated a proposal to recreate a maritime voyage from India to Muscat in 2025-26. The visit also saw the release of an India-Oman Joint Commemorative Postage Stamp symbolizing the cultural relationship between the two countries. The announcement of the third tranche of the Oman-India Joint Investment Fund (OIJIF-III) worth USD 300 million was made, aiming to channel investments into the fastest-growing sectors of the Indian economy [36b4c17f].
The Oman Investment Authority (OIA) has officially launched the Oman Future Fund with a capital of RO2bn. The fund will be utilized over a five-year period, allocating 90% of its capital to directly invest in new or existing projects and 10% for SMEs and startups. It will focus on sectors such as tourism, manufacturing, green energy, information and communication technologies, ports and logistics, mining, fisheries, and agriculture. The launch is in line with government policies to diversify the economy and attract foreign investments. The fund will be managed by OIA and aims to support the private sector, SMEs, and venture capital in Oman [e0733382].
In conclusion, the Oman-India Investment Forum explored investment opportunities in various sectors such as energy, mining, food security, manufacturing industries, transportation, logistics, tourism, and the digital economy. The forum aimed to enhance economic cooperation and trade and investment exchange between Oman and India. Additionally, India and Oman have established a joint investment fund worth $300 million, aiming to invest in sectors such as medical care, pharmacy, chemical and industrial technologies, automobiles, information technology, commodities, defense, aerospace, mining, and the retail sector. The joint investment fund is a 50-50 joint venture between the State Bank of India and the Oman Investment Authority. Furthermore, Indian Prime Minister Narendra Modi and Sultan Haitham Bin Tarik of Oman adopted a joint Vision document titled 'A Partnership for the Future' during Sultan Haitham Bin Tarik's state visit to India. The visit resulted in the signing of several MoUs and agreements covering various areas of cooperation. The joint vision document focuses on collaboration in sectors such as maritime cooperation, energy security, space technology, digital payments, trade, health, tourism, agriculture, and innovation. Additionally, the Oman Investment Authority has launched the Oman Future Fund with a capital of RO2bn, which aims to support the private sector, SMEs, and venture capital in Oman by investing in sectors such as tourism, manufacturing, green energy, information and communication technologies, ports and logistics, mining, fisheries, and agriculture [bcefdf4c], [f4ea483b], [36b4c17f], [e0733382].